salary deduction?

This is a no brainer and the lamest form of investment. All Bumiputras should sign up for max loan and continue to enjoy free money from the government.

Some banks view this loan as income thus not effecting  ability to pay other loans

Bank calculate 85% from asb statement. And divided into 12 months.

Examples:

Dividend 8000, bonus 200
Total 8200 x 85% / 12 months = y

"y is the income from your ASB"

refresh those who dont understand how asbf can give profit to customer read below

1st the distribution or we all know it as dividend.

2nd the principal. we will received the principal we paid when terminate early. it call as principal surrender value. Where the principal come? When u pay for your installment part of it is the principal and another is the bank profit or known as interest.

3rd bonus. Each year asb will give extra bonus. But this year they use new formula to calculate the bonus based on 12 month only than 10 years before.

ASBF give more return than asb saving because of the volume. ASBF start from big amount while asb saving start from how much we save permonth.

Hope this will help to those who still new with asbf.

Profit from asbf is not simply deduct between dividend and interest (7% - 5% for example. its more than that.

No extra fees will be charged for ASB withdrawals. You can withdraws ASB at Maybank, CIMB, RHB, Pos Malaysia, Affin Bank, BSN, Alliance Bank & AmBank.

Passbook no longer needed. Only bring your IC.

Why do want to terminate your ASBF? And what do you mean by 'best'?

If you mean you want to terminate without paying more, then wait until your loan principle is less than your sijil ASB value.

Yes if have any. This one consultant cant give u the details only at bank can. Usually u will get the takaful sv in 1-3 month deposit into your bank acc.

If u ask me as consultant i will more advice u to apply takaful with the 3rd party because u will get more benefit. Because the takaful in asbf only cover for death and total disability. Nothing more. Keep in mind asbf is more like investment tool. If u do investment + protection it will reduce your ROI.

Long term asbf (5 years and above) can apply with takaful

Short term asbf (less than 3 years) should apply without takaful

Hope this will help u to decide to apply asbf with or without takaful

No just go to any takaful provider and ask them if they have policy that cover on certain amount. For example your loan is 200k than go to the takaful agent and ask him if he can provide takaful for 200k.

As far as i know Msig and etiqa takaful do provide this.

I will inform more regarding this later. But for your info the increment of the rates will not effect too much. The key for asbf is to save and gain money more than ASB saving. If u understand this u wont feel burden about it.

OPR is increase because the economy is good. Its needed so our economy will maintain its positive growth. The bright side of it, when the economy is gud, most funds also will do well. When this happen we might see the increment of dividend this year for ASBF.

Just think it like this. U might pay 0.25% more but u also will profit 0.25% more.

If u have 200k asb let say now u earn 14k (7%) and next year u earn 14.6k (7.25%) this is not include the bonus. Usually when the economy is good the bonus also will be increase. So just wait and see guys.

No need to worry a lot. Thats why i always advice u guys make asbf with the installment amount u can afford. At least for the 1st year. Later when u get the dividend u can use the money to apply another loan. And also if u dun have much knowledge about asbf seek for someone who can give u the knowledge. It will help u more in longterm.

No need to be so defensive. Increment is increment. We all know what it means.

Nope, IC will do.

You get it in cash/banked in to your bank account.

Just for everybody’s info -

I took an ASB loan 2 years ago for 200k, 5.25% rate, monthly payment of about RM 1,228 (I did 4x50k loan), all with takaful.

Just terminated early this year after 2 years, and re-applied for 200k ASB and 100k ASB 2, both with takaful and longer tenure.

I got back principal of about 700 x 4 = 2800, and got back about 1k x 4 = 4k from takaful. All in all, I count my monthly payment offset with the dividend that I get, but I gained almost 7k from principal and takaful.

For me, it took 3 months

It depends actually. Some may only take about a month to terminate while others may take months even though loans were taken from the same bank.